In a recent interview with Dow Jones Newswires, Managing Director and Chief Executive of the British Virgin Islands' Financial Services Commission (FSC), Robert Mathavious suggested that a clean bill of health for the jurisdiction's finance sector from organisations such as the Financial Action Task Force (FATF) will help it to thrive in the future.
According to Dow Jones, Mr Mathavious suggested that the close scrutiny of the FATF and other multilateral organisations had demonstrated that BVI laws were in line with global anti-money laundering and terrorist financing standards, and had provided assurance to organisations and individuals doing business in the jurisdiction.
"The competition trend is such that only those centers that can totally conform to and recognize international legislation can survive," he explained, continuing:
"I will not pretend that these independent reviews were not exhausting. But we welcome the opportunity to have confirmed that the BVI financial services sector is prudent, pragmatic and compliant."
A comprehensive report on the OECD, FATF and other 'offshore' initiatives, including the EU's Savings Tax Directive, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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